The Truth Behind UBA Freezing Account of Take-It-Back Movement
.jpeg)
Recent reports have stated that the United Bank for Africa (UBA) has frozen the account of the Take-It-Back Movement, a pro-democracy group in Nigeria. This action is said to be in response to the organization's call for #EndBadGovernance protests in Nigeria. Additionally, UBA has allegedly refused to accept a letter from lawyers representing the Take-It-Back Movement, who were seeking to have the account unfrozen. *UBA's Perspective: Legal Compliance, Risk Management, and Due Process 1. Legal and Regulatory Compliance: Banks are obligated to adhere to legal and regulatory requirements, which include measures to prevent money laundering, fraud, and other illicit activities. These regulations often demand that banks monitor and investigate transactions to ensure compliance. If UBA froze the account of the Take-It-Back Movement, it is possible that they did so based on their assessment of potential risks or compliance concerns. 2. *Risk Management: Banks have risk management prot...